State Bank of India (SBI) has slashed interest rates on fixed deposits
The new SBI fixed deposit (FD) interest rates is effective from September 10
State Bank of India (SBI) has revised interest rates on its fixed deposits (FDs). SBI tweaked interest rate on select maturities, with effect from 10 September. The bank has slashed the interest rates on fixed deposits (FDs) for 1 year to less than 2 year by 20 basis points (bps). The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. SBI had earlier revised interest rates on fixed deposits on 27 May.
After the latest revision, SBI FDs between 7 days to 45 days will now fetch 2.9% .Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 4.9% now instead of 5.1%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continus giving 5.4%.
SBI latest FD interest rates for senior citizens effective 10 September
SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years.
7 days to 45 days - 3.4%
46 days to 179 days - 4.4%
180 days to 210 days - 4.9%
211 days to less than 1 year - 4.9%
1 year to less than 2 years - 5.4%
2 years to less than 3 years - 5.6%
3 years to less than 5 years - 5.8%
5 years and up to 10 years - 6.2%
SBI special FD scheme for senior citizens: 'SBI Wecare' Deposit for Senior Citizens
A special “ SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended till 31st December 2020.
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